New Delhi:
The Pension Fund Regulatory and Development Authority (PFRDA) has announced a significant update regarding the login process for National Pension System (NPS) subscribers.
Effective April 1, 2024, a two-factor authentication system will be mandated for accessing the Central Record Keeping Agency (CRA).
This move aims to bolster security measures, ensuring better protection for NPS subscribers’ accounts.
Transition to 2-Factor Authentication:
Under the new protocol, NPS users will now be required to log in using Aadhaar credentials to access CRA services. The integration of existing subscriber IDs with the login process will facilitate this transition.
PFRDA emphasizes that this shift is crucial in fortifying the system against unauthorized access and mitigating potential security risks.
Current Scenario:
Prior to this update, access to NPS transactions was primarily secured through password authentication.
However, recognizing the need for heightened security measures, PFRDA has opted for a more robust two-factor authentication system.
Communication Efforts and Implementation:
Ahead of the implementation date, Central Record Keeping Agencies (CRAs) will disseminate detailed Standard Operating Procedures (SOPs) and process flows to government nodal offices.
Extensive efforts will be undertaken to ensure seamless comprehension and adoption of the new login process by nodal officers.
Enhanced Security Features:
With Aadhaar-based authentication, PFRDA anticipates a more secure environment for NPS transactions conducted by government offices and autonomous bodies.
Moreover, to prevent unauthorized access, an account will be locked after five consecutive unsuccessful login attempts.
Subsequently, users will need to reset their passwords by requesting an I-PIN or answering a secret question to regain access.
